ModivCare price target raised to $60 from $55 at Stephens

Stephens raised the firm’s price target on ModivCare to $60 from $55 and keeps an Overweight rating on the shares. The company’s stock price has “endured relentless pressure” in the first half of 2023 due to the negative free-cash-flow production against elevated debt leverage and increased margin pressure led to a negative re-rating of equity valuation, the analyst tells investors. Moving forward, the company is expected to continue to show linear margin recovery, the firm adds.